Flows
World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa
The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA). In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read. “The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region. “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent. “Remittance growth was reported in Zambia (37 percent), ...
Report: Nigerian politicians own 800 assets worth $400 million in London, Dubai
File Photo An Associate Fellow of Chatham House, London, Mr. Matthew Page, said yesterday that 800 property worth $400 million and owned by Politically Exposed Persons (PEP) in Nigeria were located in London and Dubai. The revelation is coming as the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanonye, said it dragged about 2,000 corporate entities into the country’s tax net. A statement issued by ICPC said Page made the disclosure in his paper presentation titled: “IFFs through the Real Estate and Education Sectors: Implications for Investigators,” at an event organised by the agency in Abuja. He urged the investigators of the ICPC to pay attention to real estate and education sectors-linked illicit financial flows. He noted ...
Ethiopia, Egypt and Sudan launch new Nile dam talks in DRC
A new round of African Union-mediated talks between Ethiopia, Egypt and Sudan has begun aimed at resolving a years-long dispute over a massive dam built by Addis Ababa on the Blue Nile, a main tributary of the Nile river. The three-day talks that kicked off on Saturday are taking place in Kinshasa, the capital of the Democratic Republic of the Congo, the current chair of the AU. Foreign and irrigation ministers of the three nations were attending the talks over the Grand Ethiopian Renaissance Dam (GERD), along with AU experts, according to Ethiopia’s Irrigation Minister Seleshi Bekele. A Sudanese diplomat was quoted as saying by The Associated Press news agency that the experts from the three countries and the AU met on Saturday, ahead of ministers who would meet on Sunday and Monday. He s...
Ibadan polytechnic students threaten public protest over extortion, mass failure
File Photo Students of The Polytechnic, Ibadan, Oyo State, have threatened to publicly protest continuous extortions by lecturers as well as the recurrent mass failures typifying their examinations, saying their future was hanging in the balance. A source told newsmen that the students are from the Urban and Regional Planning Department. Through their association, the aggrieved students this week raised a petition to the school management to look into the anomalies of their lecturers and take action, otherwise they would lead a public protest. In a copy of their petition titled, “Lamentations of the Urban and Regional Planning Students,” the students decried the harsh learning conditions in the department and the resultant mass failure and extra academic years that students suffered They s...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
U.S. to de-link Ethiopian aid pause from dam policy
The U.S. State Department on Friday said Washington will de-link its pause on some aid to Ethiopia from its policy on the giant Blue Nile hydropower dam that sparked a long-running dispute between Egypt, Ethiopia and Sudan. U.S. State Department spokesman Ned Price told reporters that President Joe Biden’s administration will review U.S. policy on the Grand Ethiopian Renaissance Dam (GERD) and will assess the role the administration can play in facilitating a solution between the countries. A bitter dispute between Egypt, Ethiopia and Sudan over the filling and operation of the dam remains unresolved even after the reservoir behind the dam began filling in July. “We continue to support collaborative and constructive efforts by Ethiopia, Egypt and Sudan to reach an agreement on the GERD,” P...
Thousands of US-bound Honduran migrants cross border into Guatemala
<img width="696" height="391" class="entry-thumb" src="https://www.today.ng/wp-content/uploads/2021/01/16201205-696×391.jpg" srcset="https://www.today.ng/wp-content/uploads/2021/01/16201205-696×391.jpg 696w, https://www.today.ng/wp-content/uploads/2021/01/16201205-300×169.jpg 300w, https://www.today.ng/wp-content/uploads/2021/01/16201205.jpg 699w" sizes="(max-width: 696px) 100vw, 696px" alt="Thousands of Honduran migrants push through the police fence as they attempt to cross the border at El Florido in Guatemala forming the first migrant caravan of the year on it’s way to the United States on January 15, 2021. – Some 3,000 people left Honduras on foot January 15 in the latest migrant caravan hoping to find ...
